IKEA sets eyes upon Bangalore, leases 100,000 sq ft land
Interiors

IKEA sets eyes upon Bangalore, leases 100,000 sq ft land

Expansion plans in India

IKEA, opened its first store in Hyderabad in 2018, followed by Navi Mumbai and is also gearing up to open its small format store in Bangalore with an investment in a 14-acre land parcel at Nagasandra, Bangalore.

Peter Betzel, CEO, IKEA India, had earlier said small-format stores would be city-centre stores and would have the same look and feel like any other IKEA store. The small-format store in Whitefield will have a smaller range on display, and the presentation will be different.

Creating Employment

With its 40 stores planned across 10 Indian cities, IKEA will increase its contribution to job creation in the country. The Swedish company employs 1,000 people per store and 1,500 people indirectly, and also sources 1,000 products locally, pricing them at less than Rs 200 apiece. It sources from 50 local manufactures and its annual exports from India are worth over $350 million.

The retail giant expects to create opportunities in areas such as merchandising, store operations, supply chain, and allied assembly services. The first big-format store opened in Turbhe, Navi Mumbai, and will employ 1,000 direct workers and 1,500 indirect workers across services.

Plans For Pune

IKEA has set up a 270,000-square-feet distribution centre in Pune in partnership with IndoSpace Industrial Park, which is leased at a cost of Rs 20 crore per year. It has also earmarked a Rs 750-crore expansion plan. Earlier the company planned a further investment of Rs 100 crore in Pune to add another 2.5 lakh square feet of space.

The COVID-19 pandemic may have hit IKEA's expansion plans in India, but the Swedish furniture and decor behemoth is readying to open new stores in one of its fastest growing markets.

Expansion plans in India IKEA, opened its first store in Hyderabad in 2018, followed by Navi Mumbai and is also gearing up to open its small format store in Bangalore with an investment in a 14-acre land parcel at Nagasandra, Bangalore. Peter Betzel, CEO, IKEA India, had earlier said small-format stores would be city-centre stores and would have the same look and feel like any other IKEA store. The small-format store in Whitefield will have a smaller range on display, and the presentation will be different. Creating Employment With its 40 stores planned across 10 Indian cities, IKEA will increase its contribution to job creation in the country. The Swedish company employs 1,000 people per store and 1,500 people indirectly, and also sources 1,000 products locally, pricing them at less than Rs 200 apiece. It sources from 50 local manufactures and its annual exports from India are worth over $350 million. The retail giant expects to create opportunities in areas such as merchandising, store operations, supply chain, and allied assembly services. The first big-format store opened in Turbhe, Navi Mumbai, and will employ 1,000 direct workers and 1,500 indirect workers across services. Plans For Pune IKEA has set up a 270,000-square-feet distribution centre in Pune in partnership with IndoSpace Industrial Park, which is leased at a cost of Rs 20 crore per year. It has also earmarked a Rs 750-crore expansion plan. Earlier the company planned a further investment of Rs 100 crore in Pune to add another 2.5 lakh square feet of space. The COVID-19 pandemic may have hit IKEA's expansion plans in India, but the Swedish furniture and decor behemoth is readying to open new stores in one of its fastest growing markets.

Next Story
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000